Renting Your Primary Home

by Annie
(Blackfalds AB)

I am building a new home and using my equity for that. I have an upstairs downstairs rental. Two furnaces two hot water tanks. But not separate bills. What should I do, rent including utilities?

I find people have a tendency not to care if all windows are open and the furnace is on 30 degrees at -40 temps.

Also, When should I start advertising? When my house is built? before or after? If after how do I arrange the funds to tie me over until I rent?
Secondly, I want to move fast. But I have my equity tied up in the new build? What can I do right now? How do the banks work with this?

Thank you

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Apr 19, 2012
RE: Renting Your Primary Home
by: Tom Karadza

Hi Annie!
Thanks for the questions…

1. We typically have the tenants put the utilities in their names. This takes care of open windows in the winter. The downstairs tenant can pay the upstairs tenant for their share. Soemtimes you may have to mediate any disagreements they have.

2. We start advertising about a month before we’re ready to rent. Any earlier and it’s difficult to get tenants to hand you over first and last month’s rent for a property that’s not ready.

3. To move faster you need to track down more capital. Ask your bank how other people they have worked with have gotten around this – you’ll find their often really helpful with suggestions.

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